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Stellar XLM Climbs in Tepid Trade as Coin-Listing Speculation Grows

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Stellar outperformed a tepid market on Saturday after the listing of Basic Attention Token on Coinbase Pro fueled speculation that XLM could be next. To be clear: Coinbase has made no mention of XLM being incorporated into its platform, but that hasn’t stopped market participants from pondering the question following the inclusion of BAT.

XLM/USD Update

The value of XLM peaked at $0.2398 at 11:04 UTC, a new ten-day high, according to CoinMarketCap. At the time of writing, a single Lumen was valued at $20.386, having gained 4.2% over 24 hours.

By comparison, the broader cryptocurrency market was down 0.5% on Saturday, which is equivalent to a $1 billion drop.

Trading in XLM amounted to $60.3 million on virtual currency exchanges, an increase of 67% compared with last week. The biggest markets for XLM trades were Binance, GDAC and BCEX, according to latest available data.

From a technical point of view, XLM has made very little progress in recent weeks. Prices have been in a firm downtrend since mid-September following a sharp spike earlier in the month. Given current price levels, XLM/USD faces immediate resistance around $0.2450 and a clean break above that level would draw bids up to $0.3000. At the same time, the low $0.2000 area should offer firm support as it has been well maintained for over three weeks now.

Stellar Outshines Its Peers

Stellar has been paving the way for wider adoption of its XLM protocol through several partnerships announced over the course of 2018. Back in September,  the Stellar Development Corporation announced it had acquired Chain, an up-and-coming blockahin startup, to form a new entity called Interstellar. As recently as last week, Interstellar unveiled Starlight, an instant payment channel boasting zero fees.

The Stellar Development Foundation has also launched a peer-to-peer marketplace boasting free and fast listings of “every asset class imaginable,” including “crypto, fiat, bonds, commodities and more.” The StellarX platform utilizes the Stellar blockchain without the added expense.

The listing of Basic Attention Token on Coinbase Pro, a multi-billion-dollar cryptocurrency exchange, has also stoked optimism that XLM may soon be supported. This speculation isn’t entirely unfounded. Back in July, Coinbase announced it had short-listed five cryptocurrencies for possible inclusion on its platform: Stellar, Cardano, Zcash, Basic Attention Token and 0x (ZRX). To date, two of the three – Basic Attention Token and ZRX – have been added to Coinbase Pro.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 661 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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TRON Price Analysis: TRX/USD Posts Longest Daily Losing Streak in 15 Weeks

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  • TRX/USD stuck within a stubborn downward trend, running at 7 consecutive sessions of losses.
  • Price faced a strong rejection after retesting and failing to break back above breached trend line.
  • Bulls will look to find some ground at below strong daily support areas, before firm committed bull run.

Stubborn Downward Trend

TRXUSD daily support

TRX/USD has been cooling for going on 7 sessions now, running currently at consecutive daily closes in the red. The price entered this stubborn downtrend on 7th November. TRX/USD bulls had initially retested a breached ascending trend line that was supporting the price initially. The mentioned supported had been running from 12th September until a firm breach and close below by the bears on 29th October. This left the door open for the market bears to capitalize.

Given this current run of consecutive losses, it is the longest daily run in the red since the back-end of July – early August. The price from 30th July underwent 6 sessions in negative territory, falling around 27% until a small bounce on 5th August. In terms of percentage loss on this current fall observed, it is running at 11% over the 7 sessions at the time of writing. The market will be looking to find a bottom over the coming sessions.

Downside Support

There are some key areas to note for TRX/USD, ahead of potentially giving up on the $0.020000 territory. The next major level of daily support can be seen at $0.021400; this is the low of 31st October. It is significant as the bulls staged a rebound here. TRX/USD entered into a short-term bull run, seeing strong gains up until 6th November. The percentage gain within the mentioned period, was seen at a solid 16%, seeing 6 out of 7 daily closes in the green.

Further to the south, another level worthy noting, would be $0.020700 – a strong daily support level, most recently between 11-12 October. This is where the price initially jeopardized the above-mentioned trend line. Firm buying kicked in down here, to see the bulls drive the price back up to the $0.02800 territory. A strong area of supply can be seen here, as has been demonstrated since the back-end of August.

Upside Targets

Once the bulls manage to find their feet again, the first target would be for a retest of the breached ascending trend line. This is currently tracking at $0.026000; TRX/USD has not been this high since 17th October. Looking further to the north, the mentioned supply zone would be seen just ahead tracking from $0.027000-0.028000. It is also worth considering that this is the upper part of the current range. TRX/USD has not been above this for over 15 weeks now.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 49 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Bitcoin Cash Price Analysis: BCH/USD May Have to Return to $400, Before Big Bull Buying

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  • BCH/USD price action did form a potential double top formation, subject to a move back towards the neckline.
  • The RSI indicates price is oversold via the 4-hour chart view, after bouncing in early hours of Monday.

The Bitcoin Cash price remains firmly on the back foot. As a result, of a top area being produced within a heavy touted supply zone. This can be seen within the $650 price region, which as a result has caused BCH/USD bulls to falter in their tracks north. Back in the very early part of September and most recently on 7th November has seen the sellers pile in at this area.

BCH/USD daily chart

Given the current price behavior it would suggest technically, the bears are looking to force a retreat, Eyes would be towards the neckline of the set up. This would see BCH/USD returning to $410, as demonstrated during the selling pressure back in early September. A likely area to attract buyers back in, a failure however to see this area of support hold, could be very punishing indeed.

Possible Neckline Breach

BCH/USD Neckline

Should a breakout to the downside from the $410 area support occur, heavy selling pressure may be seen. Eyes would then be on for a potential steep fall, down towards $285, the next major level of support. BCH/USD last traded down here on 13th October 2017, after seeing a chunky breach through the above-mentioned neckline.

4-hour Chart View

BCH/USD 4-hour chart

Looking via the 4-hour chart view, BCH/USD price action is moving within a descending channel formation. This is very much subject to a potential breakout to the upside; however, as described above, the price may need to retreat towards $410. Near-term resistance can be immediately seen at $530, which is the upper part of the channel.

The resistance above trend line of the detailed technical set up should this continue to hold; it raises the case to the top formation play out. A breakout to the upside now could send BCH/USD flying back for a retest of the $650 region supply. To the downside, support should be noted around the psychological $500 level.

As detailed above with the descending channel, this could also be perceived as a text book bull flag pattern. Such a move coming into play after a decent run higher, to then cool, ahead of another burst to the north. Looking via the RSI, it did hit a bottom, running into oversold territory. This occured in early hours of today – Monday 12th November.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 49 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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BCH Price Resumes Downward Consolidation as BitPay Backs Bitcoin ABC in Upcoming Hard Fork

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After an explosive rally, bitcoin cash has entered a period of consolidation ahead of a highly anticipated hard fork in just four days. On Saturday, crypto payment processor BitPay announced it will back the primary upgrade of Bitcoin Cash, joining a growing list of entities that are sticking with the so-called “Satoshi Vision” chain.

BCH/USD Update

After a positive start to the weekend, bitcoin cash reversed course on Sunday, falling 5.1% to $530. With the decline, the digital currency is down nearly $120 from last week’s swing high.

Trade volumes have declined sharply since Wednesday, when daily turnover reached $1.2 billion on virtual exchanges. As of Sunday, BCH trade volumes had fallen to $678 million, according to CoinMarketCap. BitForex, OKEx and DigiFinex are the largest markets for BCH trades, based on daily turnover.

The 4-hour chart shows a large drop in momentum for the BCH/USD trade, with the relative strength index (RSI) approaching oversold territory. The MACD is equally bearish.

BCH also traded firmly lower against bitcoin. At last check, bitcoin cash was worth 0.08286396 BTC, down 4% compared with Saturday.

At current values, bitcoin cash has a total market capitalization of $9.2 billion, placing it fourth among active cryptocurrencies. At the height of the most recent value, bitcoin cash’ market capitalization rose above $11 billion.

BitPay Will Not Implement Bitcoin SV

BitPay, one of the world’s leading crypto processing companies, announced Saturday it will support the Bitcoin ABC implementation of the upcoming bitcoin cash hard fork. In doing so, the payment processor said it has no plans to implement Bitcoin SV, the hard fork protocol promoted by Craig Steven Wright, CoinGeek and Calvin Ayre, a well-known casino mogul.

“BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation,” the company said in a blog post. “BitPay will closely monitor network conditions and the chains resulting from a chain split. We will send you another notification when we determine that payment risks have passed.”

The payment processor has recommended that users avoid sending transactions leading up to the hard fork, which is scheduled to take place Nov. 15.

As Hacked recently reported, the Bitcoin SV implementation promoted by Wright and others is being rejected by the BCH community. Bitmain founder Jihan Wu has also confirmed that BCH developers are “working together” to remove Wright from the community.

In addition to BitPay, market heavyweights Coinbase and Binance have also announced support for Bitcoin ABC. Individual miners are likely to follow suit should outright support for one version of the hard fork continue to build.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
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4.6 stars on average, based on 661 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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